Notwithstanding the provisions of NRS 350.686 or of any other law, this state, acting by and through the State Board of Finance, may agree with the governing body to exchange any outstanding bonds or other securities issued by the municipality and held by the State, or any agency, corporation, department or other instrumentality of the State, for funding or refunding bonds or other funding securities of the municipality or otherwise to surrender at such price and time and otherwise upon such conditions and other terms and in such manner as may be mutually agreeable such outstanding bonds or other securities to the governing body for funding or refunding at any time prior to their respective maturities or to any date as of which the municipality has the right and option to call on its behalf such outstanding securities for prior redemption as expressly provided in the outstanding securities and any ordinance, trust indenture or other proceedings authorizing their issuance.
(Added to NRS by 1967, 443; A 1969, 1595)